Oil futures rally with market optimistic the U.S. will reach a deal on the debt-ceiling

Oil futures finished sharply higher on Wednesday, as U.S. President Joe Biden voiced confidence that an agreement on the debt ceiling will be reached, easing worries about the nation’s economy and energy demand. Investors are “increasingly hopeful there will be a resolution in U.S. debt talks, while forecast of a tighter oil market in the second half of the year is also helping to keep the bulls happy,” said Fawad Razaqzada, market analyst at StoneX. June West Texas Intermediate crude
CLM23,
+2.62%
rose $1.97, or 2.8%, to settle at $72.83 a barrel on the New York Mercantile Exchange.